Law Firm Brower Piven Announces Investigation in Connection With the Acquisition of X-Rite, Inc. by Danaher Corp.
April 10 2012 - 4:30PM
Business Wire
The law firm of Brower Piven, A Professional Corporation, has
commenced an investigation into possible breaches of fiduciary duty
to current shareholders of X-Rite, Inc. (NASDAQ: XRIT) (“X-Rite”)
and other violations of state law by the board of directors of
X-Rite relating to the proposed acquisition of the company by
Danaher Corp. (“Danaher”). The firm’s investigation seeks to
determine, among other things, whether the board breached its
fiduciary duties by failing to maximize shareholder value.
On April 10, 2012, X-Rite announced that it had entered into a
definitive merger agreement with Danaher to acquire X-Rite for $625
million. Under the terms of the merger agreement, X-Rite
shareholders will receive $5.55 for each share of X-Rite common
stock held. However, according to Bloomberg, EBITDA and net income
multiples for the proposed buyout transaction are lower than the
median multiples for comparable transactions.
If you currently own shares of X-Rite and would like to learn
more about the investigation being conducted by Brower Piven, you
may email or call Brower Piven, who will, without obligation or
cost to you, attempt to answer your questions. You may contact
Brower Piven by email at hoffman@browerpiven.com, by calling (410)
415-6616, or at Brower Piven, A Professional Corporation, 1925 Old
Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven
have combined experience litigating securities and other class
action cases of over 60 years.
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